The company says that the move will strengthen its position “as the most advanced OTT video management and cloud playout system for broadcasters”.
It is predicted that the global OTT market will reach US$332 (€294.42) billion by 2025, according to Allied Market Research.
The combined business will serve over 1,200 broadcasters and Frankly says it will look to rapidly expand its customer base in numerous media sectors with Vemba’s added capabilities.
Frankly CEO Lou Schwartz said: “Vemba has developed unique capabilities that simplify the management, syndication, tracking, and monetisation of video assets delivered anywhere.
“Their strengths in assembly and scheduling of discrete linear video streams support Frankly’s focus on live, linear video to any connected device. Together with Vemba, we plan to create an unmatched offering of live and video-on-demand asset management, syndication and monetization for OTT delivery. As a result we expect to be able to help broadcasters and other media companies improve OTT multiscreen workflows, while providing more personalized viewing experiences for audiences consuming streaming video content on any Internet connected device or social media destination.”
Norbert Horvath, Vemba’s founder and CTO, who will become Frankly’s chief product officer following the transaction’s closing, added: “This agreement allows Vemba to continue executing on our strategic vision and expand our ability to serve our clients under the Frankly banner. Frankly has established a commanding footprint in the broadcast space, and combining our teams will create an extraordinarily compelling OTT multiscreen platform for the industry.”
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